Power Grid Corp. of India Ltd one of the most active stocks in NIFTY50, from the last few months it continues the up trend and look into the daily chart it clearly respecting the trend line. 28th sep the price action was formed Break out(180) with good volume. It created a new high at (209). After it came back and retested the line it indicated strength (180) level and moved higher till (216) with strong Upside Momentum created new high(216).Now price is testing the alternative support zone (202).
Take a Look at the Price Action Analysis of Power Grid Corp on 1D Chart
Now the positive clues can influence the stock prices. Another important reason is to consider the volume. So far we haven’t noticed any strong increase in the Volume, in fact, we are experiencing lower than average volume which technically means overall trading activity is very low. In order for stock prices to make significant movements either to the upside or downside, we want to see a Strong increase in the Trading Volume. Based on Price Action and recent observations, Prices are likely to move up Any Breakout at the resistance zone without significant momentum or Volume can turn into a False Breakout or Bear Trap. On the other hand, any positive news Change in the Direction of Nifty 50 can change the Overall price action, and as a result, prices could break the new high and move higher. In my perspective ,Keep an eye on the Price Action, watch out for the Market Behaviour at the new high around (215) and make decisions accordingly.
Take a Look at the Price Action Analysis of Power Grid Corp on 1D Chart
Now the positive clues can influence the stock prices. Another important reason is to consider the volume. So far we haven’t noticed any strong increase in the Volume, in fact, we are experiencing lower than average volume which technically means overall trading activity is very low. In order for stock prices to make significant movements either to the upside or downside, we want to see a Strong increase in the Trading Volume. Based on Price Action and recent observations, Prices are likely to move up Any Breakout at the resistance zone without significant momentum or Volume can turn into a False Breakout or Bear Trap. On the other hand, any positive news Change in the Direction of Nifty 50 can change the Overall price action, and as a result, prices could break the new high and move higher. In my perspective ,Keep an eye on the Price Action, watch out for the Market Behaviour at the new high around (215) and make decisions accordingly.